RECURRENT, LEADING HIGH-GROWTH DIGITAL MEDIA COMPANY SECURES $300M IN NEW FUNDING
New financing will propel and develop Recurrent’s strategic acquisitions, develop its model attain, develop artistic
New financing will propel and develop Recurrent’s strategic acquisitions, develop its model attain, develop artistic expertise and extra
NEW YORK, Could 18, 2022 /PRNewswire/ — Recurrent Ventures introduced right now the closing of $300 million in new capital led by funds managed by Blackstone Tactical Alternatives (“Blackstone,”NYSE: BX). The brand new funding positions Recurrent to proceed to quickly scale its operations and construct a platform for continued robust progress.
Recurrent has now raised greater than $400 million in whole, following a $75 million capital elevate in October 2021 and different earlier financing. Since 2018, Recurrent has acquired 24 digital media manufacturers throughout its goal verticals of Science, Tech, Outside, Dwelling, Automotive, and Army. Recurrent will use the brand new funds to additional ship on the corporate’s mission of rising a number one digital media firm that delivers worth for its clients, artistic expertise, and companions. Via its world-class expertise platform, Recurrent builds, analyzes and packages extremely engaged audiences for a buyer base of main advertisers.
Recurrent is positioned to additional quickly scale its operations by hiring and expertise improvement, using new engagement channels, increasing its video presence, and introducing new content material choices for audiences. Blackstone brings an in depth community of relationships, a give attention to operational excellence and the capability to fund bigger offers for Recurrent’s acquisition technique. Along with its enterprise experience, Blackstone’s dedication to driving long-term worth creation by Environmental, Social, and Governance (ESG) initiatives will assist help Recurrent’s triple backside line focus.
Recurrent was based in late 2018 by North Fairness‘s Managing Companions, Andrew Perlman and Matt Sechrest, as a platform to accumulate and rework main digital media manufacturers. Recurrent’s first acquisition was the automotive life-style web site The Drive. By 2021, Recurrent had established flagship manufacturers inside core viewers verticals by strategic digital media acquisitions, particularly BobVila.com with its focus in Dwelling Enchancment, Activity & Objective in Army, Area & Stream and Outside Life in Outdoor, Widespread Science in Science & Tech, and Domino in Design & Decor. Since then, Recurrent has continued to develop its attain whereas changing into a brand new residence for media entrepreneurs and inventive groups in search of a strategy to optimize and develop their companies, with the additions of Donut Media, Futurism, JancisRobinson.com, Enterprise of Dwelling, Lonny, and others.
“We’re extraordinarily happy with what we have finished up to now with our digital media manufacturers, from rising audiences, to growing our model monetization playbook, to bringing in best-in-class expertise. Our perception in transparency, funding in editorial groups, and dedication to adopting finest practices from numerous industries helps us create a brand new kind of digital media firm,” stated Lance Johnson, CEO of Recurrent. “With this capital and a number one strategic associate in Blackstone, we are able to give attention to partaking our audiences, increasing our sustainability efforts, and setting new business requirements.”
C. C. Melvin Ike, Managing Director at Blackstone Tactical Alternatives, stated: “The rising demand for digital content material has continued to be a key funding theme for Blackstone throughout our companies. Recurrent has taken a differentiated, digital-first strategy that focuses on investing within the progress of the manufacturers it acquires, optimizing the underlying engagement with model audiences, and equipping the brand new management groups with best-in-class individuals, expertise, and processes. We’re happy to again their additional growth.”
Recurrent is a virtual-first firm using expertise throughout the U.S., with its headquarters in Miami and workplaces in Los Angeles, New York and San Francisco. Recurrent employs over 300 full time workers and 475 artistic contributors, with editorial and inventive groups accounting for almost all of the workforce. candidates can study extra and apply for open roles right here.
Recurrent was suggested within the transaction by Lazard and Allen & Overy. Blackstone was suggested by Weil Gotshal & Manges LLP. Present Recurrent buyers, together with North Fairness, Powerhouse Capital, and Raga Companions, have dedicated extra capital.
Recurrent is a digital media firm whose content material from trusted manufacturers goals to foster generations of passionate audiences throughout area of interest verticals. With social duty and sustainability on the heart of its storytelling, Recurrent takes an revolutionary progress strategy and creates content material that’s invaluable to its readers, enterprise companions, and the planet. Its titles similar to Widespread Science, Domino, JancisRobinson.com, Area & Stream, Donut Media, and Activity & Objective encourage and inform greater than 60 million distinctive guests every month.
ABOUT NORTH EQUITY
North Fairness is a enterprise fairness agency that makes a speciality of buying and investing in digital manufacturers and expertise with excessive progress potential and ESG impacts. North’s funding workforce has intensive expertise as personal buyers and operators on the intersection of expertise, knowledge, and media. Its funding portfolio contains Recurrent Ventures, the father or mother firm of best-in-class digital manufacturers similar to Widespread Science, The Drive, and Domino; and Natural Ventures Inc., a media SaaS platform. Because it was based in late 2018, North has managed the acquisition of 24 media manufacturers for Recurrent and can proceed making strategic acquisitions throughout the digital media and expertise panorama. North is headquartered in Miami, FL.
Blackstone is the world’s largest various asset supervisor. We search to create optimistic financial impression and long-term worth for our buyers, the businesses we put money into, and the communities through which we work. We do that by utilizing extraordinary individuals and versatile capital to assist firms clear up issues. Our $915 billion in property below administration embrace funding automobiles targeted on personal fairness, actual property, public debt and fairness, infrastructure, life sciences, progress fairness, opportunistic, non-investment grade credit score, actual property and secondary funds, all on a worldwide foundation. Additional info is on the market at www.blackstone.com. Observe Blackstone on Twitter @Blackstone.
SOURCE Recurrent Ventures